£78,000: for a 30 per cent share of a studio at Mocha Court in Bow, through East Thames housing association

Just how affordable is the capital’s affordable housing? For some 30 years, housing associations have been earning a reputation as the major supplier of affordable new homes for Londoners, with the largest 15 — known as G15 — building 10,000 a year.

It is a tough job. Land is so expensive in the capital that it can be hard to deliver a new-build flat within the budget of an average working Londoner — cue the Government’s Help to Buy schemes that enable first-timers to stretch their savings a bit further. But even as they claw their way into their first flat, sometimes nasty surprises await in the form of service charges and running costs that can appear disproportionately high.

In London, “affordable” has been broadened to include £450,000 starter homes that are way beyond the average Londoner’s £34,320 wage.

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Ealing, W13

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Chelsea Creek, SW6

The innovative Discount Market Sale programme is now being used to sell flats at sought-after Chelsea Creek and Fulham Reach, enabling first-time buyers to buy a proportion of a property - paying a monthly service charge but no rental costs.

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Royal Docks, E16

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Enderby Wharf, SE10

Enderby Wharf is part of a fast-changing riverside strip between the historic town centre and Greenwich Peninsula, local planners aim to create a continuous pedestrian route with attractions along the way, including a cruise liner terminal.

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Canonbury, N1

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Deptford, SE8

With four in every 10 London buyers taking advantage of the Help to Buy initiative, new-homes builders across the capital are rushing to launch blocks of apartments reserved exclusively for the low-deposit scheme.

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Aldgate, E1

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Mile End, E3

East London property prices may be rocketing, but it's still possible to buy an affordable home. St Clement’s, once a Victorian workhouse is being redeveloped into a walled estate of 252 private, shared-ownership and rental homes.

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Buying tips

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Stratford, E15

New shared-ownership homes have been launched at Stratford's iconic 2012 Games site. With 25 per cent shares available from £115,000, homes in this well-connected regeneration zone have been tipped as a good move for those priced off the mainstream housing ladder.

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Bermondsey, SE16

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The key facts and the best-value areas to buy

Developers and lenders are getting behind the Help to Buy scheme - now extended to be available until 2021 - while London's cash-strapped first-timers are making the most of five per cent deposit requirements and 40 per cent Government-backed equity loans.

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City Wharf, N1

Shared ownership is a popular option, where households part buy, part rent a property. This enables the buying costs to be proportionally scaled down to match the percentage of the home bought. For example with a deposit of £9,900, you can buy a 30 per cent share — that would be £78,000 — in a studio in Mocha Court, Bow through East Thames housing association (0300 303 7333). As the share price is under £125,000 there is no stamp duty to pay.

For transactions completed from this month onwards, shared ownership is even easier thanks to the Government relaxing the eligibility rules. Gone is the priority that was given to key workers and those who have lived in the borough previously, along with the bedroom restriction. The maximum household income allowed has also been raised to £90,000 in the capital. All this is set to open up shared ownership to another 175,000 Londoners.

Driving the supply of shared-ownership homes are the housing associations, charitable organisations with a social mission to provide “affordable homes for ordinary Londoners”. The largest 15 already house one in 10 Londoners and manage 40,000 properties. But it’s hard to believe that shared-ownership homes coming to market at the moment priced up to £650,000 for a one-bedroom flat — at Catalyst Housing’s Portobello Square for example — have been built with “ordinary Londoners” in mind.

Up to £650,000: for one-bedroom shared-ownership flats at Portobello Square on the Notting Hill border, through Catalyst Housing

Then there is the service charge issue. The lack of government regulation means the costs and standards of services can vary dramatically. And is it reasonable that shared owners pay 100 per cent of the annual management fee despite also paying rent? Similarly, is it reasonable that the major shareholder, particularly a charity, should benefit from the lion’s share of the property’s appreciation without paying its share of the annual upkeep?

At L&G’s development in Chobham Manor near Walthamstow, you’ll be paying almost £3,000 a year for your 25 per cent stake in a one-bedroom flat. Such high service charges on a small stake can make a meaningful difference on passing the affordability criteria for a mortgage. They also make it harder for the buyer to save and increase their share of their home.

Portobello Square: one-bedroom shared-ownership flats for up to £650,000 for "ordinary Londoners"?

First-timers, it seems, can pay a high premium for a shared-ownership stake in a new-build development. Instead of gaining their freedom from renting, many find they have to share their home to cover the costs of the mortgage, the rental portion, plus the service charge.

The Department for Communities and Local Government says service charge costs must be “reasonable”. A spokesman said: “Shared ownership is extremely popular and is an effective way of helping people into home ownership, which is why we are extending it to many more people.

“Shared ownership is designed to work for both the homebuyer and landlords, and protections for leaseholders make clear that service charge costs must be reasonable.”